BlackRock, which holds the title of the world's largest asset manager, recently achieved a new milestone: its digital asset exchange-traded funds have surpassed those offered by longtime leader Grayscale in terms of total assets under management.
While BlackRock only offers two funds, IBIT (spot Bitcoin) and ETHA (spot Ethereum), the combined assets under management (AUM) of the two funds at $21.6 billion is slightly more than the $21.3 billion held by Grayscale's four funds: GBTC, BTC Mini, ETHE, and ETH mini, according to blockchain intelligence firm Arkham.
Morgan Stanley recently disclosed that it had sold nearly its complete $269.9 million position in GBTC and now holds 5.5 million shares of IBIT, worth about $187.1 million at current prices. Goldman Sachs last week likewise disclosed holdings of nearly 7 million IBIT shares worth nearly $235 million at current prices, though it also holds about $35 million worth of Grayscale's converted fund and about $150 million in shares of other spot Bitcoin ETFs.
RELATED INDICES
Nate Geraci, president of investment advisor The ETF Store, pointed out on X that BlackRock's IBIT spot Bitcoin ETF has only had one day of net outflows since launch. SoSoValue's data backs up Geraci's assertion, though the ETF has also logged 26 days of zero net inflows or outflows up to the present.
While IBIT holds a significant lead over Grayscale's spot Bitcoin ETFs, BlackRock's spot Ethereum offering, ETHA, is only the third largest such fund by assets under management, according to SoSoValue data. ETHA has yet to log any days of negative outflows, though it has seen four days of net zero trading since its launch nearly one month ago on July 22.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
